Prince Alwaleed signs deal to build world’s tallest tower

Tuesday, 2 August 2011 10:57 AM

The 1km-tall tower will be located in Kingdom City in Jeddah

Kingdom Holding, the Saudi firm owned by billionaire businessman Prince Alwaleed, has signed a construction contract to build the world’s tallest tower in Jeddah.

Binladin Group, one of the kingdom’s biggest contractors, won the $1.2bn deal for the one-kilometer tall Kingdom Tower, which is set to steal the crown from Dubai’s Burj Khalifa.

The tower will include a hotel, serviced apartments, luxury condominiums and offices, and will occupy a 500,000 sq m area, Kingdom said in a statement on the Tadawul Tuesday,

It will be located in the first phase of Kingdom City, a 5.3m mixed-use development north of Jeddah, which overlooks the Red Sea and Obhur Creek.

The Binladin deal was signed by Jeddah Economic Company (JEC), one of Kingdom’s associate firms. The giant contractor also takes a 16.63 percent ownership of JEC.

Kingdom Holding holds 33.35 percent of JEC, alongside Abrar International Holding (33.35 percent) and Abdurrahman Sharbatly (16.67 percent).

No further details as to when construction will begin, or when the project will be completed, were provided.

The construction deal marks a significant step forward for the Jeddah project, which has been in the pipeline for some years. Last year, Kingdom signed up US-based Adrian Smith & Gordon Gill Architecture to design the building.

Media reports earlier this year had suggested that the tower could be as large as 1,600m tall, which would have made it twice as high as its nearest competitor.

The world's tallest building at present is Dubai's 828m high Burj Khalifa, developed by Emaar Properties. Completed in January 2010, the tower was designed by Skidmore, Owings and Merrill.

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Posted by: Taleb Amer Wednesday, 3 August 2011 10:49 AM[UAE] - Jordan

With all the respect for the Saudi system, lets women's rights to drive a car, then give the freedom for people to vote for a an parliment, them improve the medical sector, the water system, the education system, the open free market system, then & then.

This is not considered critical of the system and/or the government, Its considered for the ruling class to look into.

I have a feeling that the above will not be considered as sincere advice, but will be considered negative points.

with our love to the Kingdom, eventhought I am not Saudi but Arab/Muslim

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Posted by: Hakim Wednesday, 3 August 2011 10:48 AM[UAE] - UAE

$1.2bn is a big money, just imagine with me, what else we can do with this amount of money, how many hungry people in Africa will eat good food like us, how many cities we can build, or laboratory to find a medicine for disease, and so many ideas.

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Posted by: Jon Wednesday, 3 August 2011 10:46 AM[UAE] - UK

Yawn. Who cares? Who's even going to live in it? It will be an empty white elephant. Just look at the Burj Khalifa for proof of that. The rest of the world moved onto substance over style a long time ago.

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Posted by: Sridhar Kadambi Wednesday, 3 August 2011 10:46 AM[UAE] - Canada

Everything has to be "biggest, largest and the best" in Saudi Arabia. That country has some of the largest and thirstiest American cars that any country outside of North America has. It has some of the worst-designed massive halls and reception areas for government buildings anywhere in the world, and these areas consume enough money (energy) per day to air-condition them that could feed a smallish poor nation's hungry children for a month. No, it is certainly not funny, but that seems to be the fact. Texas used to hold the mantle for "everything is large or big in Tex....." but now for the past couple of decades this oil-rich and pompous kingdom seems to want that title. Let's wish them luck and hope it continues... And it will as long as the oil holds out, and who knows, there are rumours that they have unexplored Gold reserves worth much more than the Oil Reserves!! Like they say, "Maafi mushkila!!"

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Posted by: m j Wednesday, 3 August 2011 10:43 AM[UAE] - UAE

I cant wait to see the faces of all those female tourists when they are told that the abaya is compulsory in Saudia Arabia. I guess we ordinary folks will never understand the true meaning of having the longest piece of connected metal out there.

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Prince Alwaleed signs deal to build world’s tallest tower

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